Phoenix Gold (ASX:PXG) has received a clarification from major shareholder Zijin Mining Group Co., Ltd (SHA:601899, HKG:2899) regarding its takeover bid of $0.10 per share.
In response to media articles relating to the status of its off-market takeover offer, Zijin made the following statements:
- Zijin is committed to undertaking the offer in accordance with its Bidder’s Statement, which has been dispatched to Phoenix shareholders;
- Zijin does not presently intend to increase its offer price of $0.10 cash for each Phoenix share but it reserves the right to do so;
- Zijin is committed to keeping Phoenix shareholders and the market generally informed of its intentions through formal announcements and notifications to ensure that a level and transparent playing field of information is shared by all stakeholders; and
- Accordingly, any statement or inference contained in or drawn from the media that is inconsistent with the above statements (or other formal statements made by Zijin) should not be relied on.
In August, Geologic Resources Partners determined that Evolution Mining’s (ASX:EVN) competing off-market takeover offer that values each PXG share at about $0.1285 with A$0.06 in cash and the rest in equity was superior to Zijin’s offer.
As a result, it withdrew from its pre-bid agreement with Zijin, reducing Zijin’s relevant interest in Phoenix Gold to 8.91% from 17.9%.
